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pension plans

Three popular articles this week on HRinfodesk

The three popular articles this week on HRinfodesk deal with working remotely, 2019 payroll rates and random drug and alcohol testing.

 

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Ontario pension reforms – Where are they now?

The pace of pension reforms in Ontario has been fast-moving since the release of the Ontario Budget on March 28, 2018. Among other things, the Budget announced continued work on the new funding rules for defined benefit pension plans and related increases to coverage under the Pension Benefits Guarantee Fund, a consultation on a new funding framework for target benefit multi-employer pension plans, consultations regarding new protections for plan members affected by employer insolvencies, and continued work on the new pension and financial services regulator, the Financial Services Regulatory Authority.

 

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Proposed changes to the Quebec Act respecting labour standards: What employers need to know

On March 20, the Quebec Minister of Labour introduced Bill 176, amending the Act respecting Labour Standards (the “LSA”). The Bill proposes sweeping changes to the LSA.

 

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Three popular articles this week on HRinfodesk

The three popular articles this week on HRinfodesk deal with: A matter where the court had to determine the enforceability of a promoted employee’s new employment contract, particularly the termination clause; current and 2017 payroll rates; and PRPP legislation that is now in force in Ontario.

 

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BC government enables smaller employers to give employees pension plans

Pension plans can be a very helpful retention mechanism for good employees (and, it must be noted, bad ones too), and many larger employers offer them to their employees as part of their overall compensation package. However, the cost and complexity of pension plans have also meant that they may not be considered by most smaller employers. Recent legislative enactments have attempted to address this.

 

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DB pension plans and Ontario’s consultation on solvency funding rules – Now is the opportunity for employers to speak up

Employers that sponsor defined benefit (“DB”) pension plans know that contribution requirements can be volatile and onerous, especially given current low interest rates. The Ontario Government has taken note. In its recent consultation paper, the Government proposes several approaches to change the current DB funding rules, including the complete elimination of solvency funding. Comments on the Consultation Paper are due by September 30, 2016. The Ontario Government then intends to hold a second public consultation on any proposed funding reforms in the Fall 2016.

 

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Contracts and employment agreements

All employment relationships in Ontario are deemed to be contractual, whether or not a written contract is in place between the parties. When there is no written contract, the common law (judge-made law) imports a number of obligations into the contract that will bind the employer and the employee.

 

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Is anyone interested in PRPPs?

A number of financial institutions and other providers are now offering pooled registered pension plans (PRPPs) and voluntary registered savings plans (VRSPs), the PRPP’s Quebec equivalent. Except for VRSPs, which are mandatory for employers who don’t offer pension plans or other retirement savings plans such as group registered retirement savings plans (RRSPs), how popular are PRPPs likely to be?

 

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Bills to enact Pooled Registered Pension Plans

As anticipated, since the federal Pooled Registered Pension Plans Act came into force December 14, 2012, several provinces have followed suit and tabled legislation to implement the new kind of portable deferred income plan, which is designed to provide retirement income to workers and self-employed persons who do not have access to an employer-sponsored retirement pension plan.

 

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Nova Scotia announces changes to rules for funding of defined benefit plans

Pension funding rule changes announced on February 13, 2013, will protect jobs and preserve benefits for thousands of private-sector workers, according to the Government of Nova Scotia.

 

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Slaw: Pension plans and bankruptcy: The Supreme Court will decide

The Supreme Court of Canada has agreed to hear the Indalex Limited case, which will determine if underfunded pension plans should be treated as a priority when it comes time to liquidate the assets of a bankrupt company.

 

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Loss of benefits under employer-provided pension plans

Much has been written about our aging workforce and the implication for employers of the coming tide of retirements. The premiers and Prime Minister recently met to attempt to deal with those workers who do not have company pension plans by enhancing the benefits available under the Canada Pension plan, unfortunately without success. Clearly, retirement planning and the funding for that retirement are hot issues.

 

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